Loans

Loan Proceeds – Quickbooks Tutorial – How to Record Proceeds from a PPP Loan

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Loan Proceeds – 6 Tips

http://QBUniversity.org – In this Quickbooks tutorial I walk through how to record proceeds from a PPP Loan. PPP stand for Paycheck Protection Program, which is a unique loan program in the US that allows small businesses with less than 500 employees to borrow money from the SBA. When certain conditions are met, this loan can be forgiven.

But how do you record the money you get from a PPP Loan in Quickbooks? This video walks you through how to record the PPP Loan proceeds.

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20 Comments

  1. Mariah Bardson
    July 31, 2021 at 5:00 pm

    Super Helpful, thank you!!!

  2. Tami Gee
    July 31, 2021 at 5:00 pm

    Thank you for the easy directions!!!

  3. Julie Graham
    July 31, 2021 at 5:00 pm

    If we got a Round 2 PPP loan, should we do the same steps but just call is PPP 2?

  4. Argenis Soto
    July 31, 2021 at 5:00 pm

    Hi excelent video, do you have a video that show how to record this ppp loan when is forgiveng, please share the link if you have one, thanks.

  5. CBS Office
    July 31, 2021 at 5:00 pm

    Any updates now that the Covid Relief bill has passed?

  6. LugNuts
    July 31, 2021 at 5:00 pm

    Thank you.

  7. R R
    July 31, 2021 at 5:00 pm

    I did exactly as you showed, but my PPP account shows a negative amount, as an example: minus 50K, because I did not enter any beginning balance for the PPP acct and only showed the loan amount of 50K transferred from PPP to my checking account. If I do put a beginning balance for my PPP acct, then after the transfer of the loan amount to my checking acct, PPP will show a zero balance. Both of these scenarios are different to what you have shown, which is that your PPP account shows +50K and your checking account also shows +50K. Please advise.

  8. Dan Allan
    July 31, 2021 at 5:00 pm

    I had a fee come off mine. Was that supposed to happen? If it was, how do I record it?

  9. Bryan Pitcher Films
    July 31, 2021 at 5:00 pm

    Thank you, kindly, for providing this information.

  10. Monica Garza
    July 31, 2021 at 5:00 pm

    Great explanation and easy to follow! Thank you!

  11. Nido Nurturing Center
    July 31, 2021 at 5:00 pm

    thank you so much… after we record PPP as a longterm liability loan as you showed us on this video, do you have a video that follows this one to how do we record the expenses? and if so can you send link please. thank you so so much

  12. Gabe Sendejas
    July 31, 2021 at 5:00 pm

    Seriously thank you!!. Your channel is straight to the point and super helpful!

  13. Marina Daniela
    July 31, 2021 at 5:00 pm

    How do you record this after the amount is forgiven?

  14. rotti mae
    July 31, 2021 at 5:00 pm

    Thank you. My question is, when I make a payment to an employee/rent/etc.., how can I record this payment so I can keep track of how much money am I using from this loan? Thanks

  15. Zeena Cruz
    July 31, 2021 at 5:00 pm

    Thank you for your helpful videos!! I have a question…maybe you could help
    Our PPP was deposited into our operations account and we took the advice to move it to another account.
    How do I record the initial deposit and then transfer it over to the other account? Our plan is to then transfer the payroll amounts over to the operations account on a weekly basis as we process payroll from that account.
    Thanks so much!

  16. Rebecca Lehman
    July 31, 2021 at 5:00 pm

    My question is how do you record it once it is forgiven? It is not income, is it?

  17. Gutsy Fox
    July 31, 2021 at 5:00 pm

    Very helpful. Sure appreciate the clear explanation. I'll subscribe and wait to hear about the next step in the forgiveness process. Thanks again!

  18. MadamFromParis
    July 31, 2021 at 5:00 pm

    MadamFromParis
    Thank you so much. I have a question. I use online QuickBooks and I was able to create a new chart of account for the ppp loan but I am not sure how to proceed with the second part when you made a bank the vendor of the loan since my online version does not look like yours. What do I do? Thank you once more

  19. Bill Monsen
    July 31, 2021 at 5:00 pm

    Really helpful! Would you use the same approach for an EIDL?

  20. Scott Roewer
    July 31, 2021 at 5:00 pm

    Thanks – I look forward to understanding on how to track forgiven expenses. Have you done a video on SBA Loans that aren't forgiven? I received one that has interest from day 1. I've not ever put a loan into QBO before – would you do it the same?